Comstock Resources (NYSE:CRK) Issues Earnings Results, Misses Expectations By $0.08 EPS

Comstock Resources (NYSE:CRK) announced its quarterly earnings results on Tuesday. The oil and gas producer reported $0.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.08), Zacks reports. The firm had revenue of $587.35 million during the quarter, compared to the consensus estimate of $554.02 million. Comstock Resources had a return on equity of 6.30% and a net margin of 17.80%.Comstock Resources’s revenue was up 14.5% on a year-over-year basis. During the same period last year, the business earned $0.18 EPS.

Comstock Resources Stock Performance

Shares of CRK stock opened at $16.14 on Wednesday. The company’s fifty day moving average price is $19.28 and its 200-day moving average price is $21.15. The stock has a market cap of $4.74 billion, a PE ratio of 11.44 and a beta of 0.22. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 0.95. Comstock Resources has a 12 month low of $14.65 and a 12 month high of $31.17.

Insider Transactions at Comstock Resources

In related news, VP Patrick Mcgough sold 48,915 shares of the business’s stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $21.20, for a total transaction of $1,036,998.00. Following the sale, the vice president owned 187,516 shares of the company’s stock, valued at $3,975,339.20. The trade was a 20.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 2.20% of the stock is currently owned by company insiders.

Institutional Trading of Comstock Resources

Hedge funds have recently made changes to their positions in the stock. Advisory Services Network LLC bought a new position in Comstock Resources during the 3rd quarter valued at approximately $27,000. Kemnay Advisory Services Inc. bought a new stake in Comstock Resources in the fourth quarter worth $29,000. iSAM Funds UK Ltd purchased a new stake in shares of Comstock Resources in the third quarter worth $38,000. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Comstock Resources in the fourth quarter worth $62,000. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of Comstock Resources by 1,190.0% during the second quarter. EverSource Wealth Advisors LLC now owns 2,825 shares of the oil and gas producer’s stock valued at $78,000 after acquiring an additional 2,606 shares in the last quarter. 36.13% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. UBS Group set a $17.00 target price on Comstock Resources in a research note on Friday, February 13th. Citigroup reiterated a “neutral” rating on shares of Comstock Resources in a report on Wednesday, April 15th. Morgan Stanley set a $19.00 price objective on Comstock Resources in a research report on Friday, February 13th. Bank of America cut Comstock Resources from a “buy” rating to a “neutral” rating and reduced their target price for the company from $27.00 to $24.00 in a research note on Friday, January 16th. Finally, Wall Street Zen downgraded Comstock Resources from a “hold” rating to a “sell” rating in a report on Saturday, April 25th. One equities research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, Comstock Resources currently has an average rating of “Reduce” and a consensus target price of $20.88.

About Comstock Resources

Comstock Resources, Inc is an independent energy company engaged in the acquisition, exploration, development and production of oil and natural gas properties in the United States. The company focuses on generating long-term value through the efficient development of unconventional resource plays and conventional prospects. Its activities encompass drilling, completion and production operations, as well as the marketing of natural gas, natural gas liquids and crude oil.

Comstock holds a core position in the Haynesville Shale of Northwest Louisiana, one of the most active natural gas plays in North America, and has built a complementary portfolio in the Delaware Basin of West Texas.